BOSNIA AND HERZEGOVINA TAKES MAJOR STEP IN FIGHT AGAINST MONEY LAUNDERING AND TERRORISM

Landmark Legislation Adopted in Sarajevo

Sarajevo, February 16, 2024 – In a significant move towards combating organized crime, corruption, and terrorism, the parliament of Bosnia and Herzegovina has adopted a landmark Law on Preventing Money Laundering and Terrorist Financing. The legislation, which comes into effect immediately, marks a major milestone in the country’s efforts to strengthen its financial system and prevent illicit activities.

Years of Effort Come to Fruition

The adoption of this law is the culmination of years of hard work by the Council of Ministers’ working groups, supported extensively by the OSCE Mission to Bosnia and Herzegovina. Throughout the drafting process, the working group demonstrated exceptional professionalism and commitment, engaging representatives from all levels of government in a constructive dialogue.

Key Benefits of the New Law

• Brings Bosnia and Herzegovina’s legislation into line with international standards set by the Financial Action Task Force (FATF)
• Ensures that the country’s financial system is adequately equipped to prevent money laundering and terrorist financing
• Provides greater assurance for citizens and businesses alike, ultimately benefiting the country’s economic prospects

Leadership and Dedication

The adoption of this law is also a testament to the leadership and dedication of the BiH Ministry of Security, which played a pivotal role in driving the legislative process forward. The new law will enable authorities and institutions in Bosnia and Herzegovina to more effectively tackle organized crime, corruption, and terrorism.

OSCE Mission Welcomes Major Step Forward

The OSCE Mission to Bosnia and Herzegovina welcomes this major step forward and looks forward to continuing its support for the country’s efforts to combat financial crimes.